单选题 A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year,payable annually. The loan notes will be redeemed in eight years’ time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year. What is the ex interest market value of each loan note?
【正确答案】 B
【答案解析】Market value = (6 x 5·971) + (105 x 0·582) = 35·83 + 61·11 = $96·94